Gucci powers Kering growth
French international luxury group Kering has seen positive trading results brought on by stronger-than-expected sales of its Gucci brand.
The group is among several luxury houses that have so far managed to ride out interruptions to business caused by 21 weeks of protests in Hong Kong.
Kering is following a strategy of redistributing stock originally intended for sale in Hong Kong to other markets.
Gucci has a large store network in Mainland China and South Korea, where spending has picked up among luxury-goods consumers who may otherwise have shopped in Hong Kong. Sales in the territory during China’s Golden Week holiday were underwhelming.
“The trends are still negative so far in Hong Kong,” said Kering’s finance chief Jean-Marc Duplaix on a conference call reported by Reuters.